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Feb 28, 2011

Saving Money From Singapore Budget 2011

Saving Money From Singapore Budget 2011

Singapore's Minister For Finance, Mr Tharman Shanmugaratnam, delivered financial goodies to Singapore on 18 February 2011.

The two main thrusts of the 2011 Singapore Budget 2011 were to grow incomes for all Singaporeans and to strengthen our society.

How much money was going to be delivered to Singaporeans? $6.6 billion of benefits for all Singaporeans.

Of the $6.6 billion budget, a one-off $3.2 billion of Grow & Share package will flow to Singaporean households because of 2010's execeptional growth. The lower-income and middle-income will receive more than the rest of Singaporeans.

A new Growth Dividend of $1.5 billion was announced and will be given to all adult Singaporeans (about 2.5 million Singaporeans) by 1 May 2011. This Growth Dividend amount ranges from $800 to $100.

Other goodies will put money into deserving households and CPF accounts. There are many financial goodies and handouts which are beyond the scope of our post today. If you are interested about the details, read more at this site: http://app.singaporebudget.gov.sg/budget_2011/default.aspx

What we wish to highilight are these question.

Are you going to save your Growth Dividend cash handout for financial investments, retirement or other purposes?

Or are you going to spend the Growth Dividend. If you spend, would it be on your wants or on your needs?

At Singapore Savings Account Rates, we know that we will be saving any Growth Dividend and other goodies in our personal Singapore savings account. This is because the money will be wired directly into Singapore savings accounts automatically by the Government.

What we will do with the money in the savings account is another matter. Perhaps it would become fodder for discussion in another Singapore Savings Account Rates post.

The Team

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